Long at touchdown around 40.60 near the 14th

I'm looking for 3 good reasons:
1. Channel line to bounce up off after retracing from bouncing off top of channel.
2. Still above 50 and 200 moving averages, with 50 above the 200.
3. Resistance at 40.6 likely to become new support.

There's also a good reason to bounce up at 38.91, with channel confluence as well as previous resistance at that level.